Opinion: Ripple's application for a Fed master account is more significant than its application for a national bank license
7 hours ago
Odaily News Crypto journalist Eleanor Terrett commented on "Ripple submits application for national bank license to the U.S. Office of the Comptroller of the Currency (OCC)". "In addition to this application, Ripple has also applied for a Federal Reserve master account through Standard Custody, a trust company it acquired last year. Obtaining a Federal Reserve master account means more in terms of access than obtaining an OCC license. In terms of hierarchy, master accounts are diamond-level, bank licenses are platinum-level, trust companies are gold-level, and money transmission licenses are silver-level." "Historically, the Federal Reserve has resisted giving cryptocurrency companies direct access to payment systems, even though critics believe this can reduce risks. The Fed is currently defending this position in the Custodia Bank lawsuit involving depository institutions' access to master accounts, and a ruling is expected to be released at any time."
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